By Mark Casson
"in the postwar global the most position of the multinational firm has been the foreign diffusion of propriety know-how and managerial abilities"
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2. The second is for the owner of the good to integrate forward into the use of the good and so internalise the market. The main argument against the first strategy is that the sale of insurance involves a contingent futures contract, and therefore encounters the contractual costs discussed in the previous section. Because of this, defects in the system of property rights may well create an incentive to internalise. g. certain types of charter or licence. In this event utilisation of an external market is out of the question and the only way to widen exploitation of the right is through internalisation.
Thus when communication is slow, non-price coordination may permit a faster response to unforeseen changes in the economic environment, and thereby eliminate waste from temporary misallocations of resources. In an internal market prices may be set either by negotiation between divisions of the enterprise, or by the fiat of an internal arbitrator. To achieve a uniform parametric price it is necessary for the negotiators to be well informed about provisional transactions and for each to be heavily constrained by internal competitive pressures.
To achieve efficiency it is sufficient for each transactor to reveal to others only the net amounts of each commodity he is willing to supply at the equilibrium prices; it is unnecessary for him to reveal to others the information by which he determines the net amounts he wishes to supply. 2). The Concept of Efficiency 33 The efficiency of equilibrium prices no longer applies when production takes place under increasing returns to scale. An activity exhibits increasing returns to scale when an equiproportional increase in all inputs leads to a larger proportional increase in all outputs.
Alternatives to the Multinational Enterprise by Mark Casson